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Technical Analysis: Bitcoin Landslide Continues as Altcoins Suffer

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The exuberant buying frenzy in Bitcoin continues to dominate the cryptocurrency segment, as the current cycle has likely reached its peak. So far, short-term traders could still have played the rising trend, but now all technical measures are signaling a top, so we urge traders to stay out of the BTC market until a correction, as volatility will likely increase significantly. As the coin reached the $7000 range projection level, primary support is now found at $6300, with further levels at $6000, $5800, and $5450.

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BTC/USD, 4-Hour Chart Analysis

As Bitcoin and Bitcoin Cash continued to ramp higher, capital abandoned altcoins, and most of the majors spiked lower, testing major support levels in the process. Despite the decline, the long-term uptrend remains intact the segment, with only a few coins being suspiciously weak. IOTA and Ethereum Classic are the most notable laggards, but the short-term trend is only positive in Monero and Litecoin. Let’s see the detailed short-term analysis.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is testing the $285 support yet again, and now the rising long-term trendline is also found close to the crucial zone. The price of the token spiked below the key level, before bouncing back violently, and although short-term traders should still wait with opening new positions, long-term investors could add to their holdings here. Further support is found at $250, while resistance is ahead at $300, $315, and $330.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin followed the other altcoins lower and tested the $51 level today in early trading, but the technical setup remains unchanged. We still expect a move above the current consolidation pattern in the coming weeks, with targets at $64 and $75.Support below the current price level is found at $44.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash also spiked below the key $265 support today, but the coin is still within its dominant correction pattern, well within the rising long-term trend. Trading volume remains low in the currency’s market, and we still expect the advance to resume despite the current sell-off. Below $265, the rising trendline provides support at $240, while resistance is ahead at $300 and around $330.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple continues to trade in a declining short-term trend and it broke primary support below $0.20 today, testing the next major zone near $0.18. Traders should still stay away from new positions at this point, but long-term investors could still add to their holdings. Below $0.18, another major level is found at $0.16, with resistance ahead at $0.21 and around the $0.225 level.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is showing some much-needed short-term relative strength, holding up around $10 despite the broad sell-off. That said, the technical setup is still neutral at best, and a move above $11 would be needed for a buy signal. Above that level, further targets are ahead at $12.50, around the $13.50 level, and at $16, while key long-term support is found at $9.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is still among the most stable altcoins, despite today’s relatively active session, as the coin continues to trade in the dominant range between $80 and $100, still on long- and short-term buy signals. The currency is expected to resume the long-term uptrend soon, with targets above $100 found at $125 and near $150, and resistance below $80 at $68.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO has been hit hard by today’s decline, as the previously stable coin failed to hold above the crucial support levels at $27 and $25. The long-term picture remains bullish above the $22 support level, and we still expect the recovery to resume, and the coin to move over the $30 resistance, towards the key $40 level.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA is trading below the crucial support at $0.35 following today’s sell-off, as the coin failed to break-out from its declining trend, despite last week’s encouraging pop. With the lengthy correction pattern being intact, investors could still add to their positions here, but traders should wait for a trend change, with resistance now ahead at $0.42 and between $0.45 and $0.48.

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Analysis

Long-Term Cryptocurrency Analysis: All Majors Stretched as Ripple Finally Breaks-Out

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Although the previous leaders of the rally started to correct or at least consolidate in the wake of the overbought long-term setups, another batch of coins turned exponential, with Litecoin, Ripple, and Ethereum all registering lofty gains this week. Bitcoin, Monero, and Dash have been holding up well, and even drifted to new marginal highs during the period, while Ethereum Classic had a more volatile week, before moving to new highs today.

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XRP left the broad trading range that has dominated its market since May, and surged to new all-time highs while almost quadrupling in the process. As the coin was the only major on a long-term buy signal according to our trend model, and the move triggered a sell signal on Thursday, now all of our tracked coins are on sell signals.

Ripple could be in for further short-term gains but long-term investors should reduce their positions after this week’s spike. Support levels are found Major at the prior high near $0.4250 and in the $0.30-$0.32 range.

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XRP/USDT, Daily Chart Analysis

IOTA, which has been leading the market higher before is down by more than 30% off its all-time high, but given the exponential move before, an even deeper correction is likely in the coming weeks, and investors should wait until a more favorable setup to add to their positions. Strong support is only found at $3 and $1.5, but potential Fibonacci support is at $2.35.

IOT/USD, Daily Chart Analysis

Let’s see how the long-term charts of the other majors look this weekend.

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Analysis

Technical Analysis: Bitcoin Up Again as Altcoins Mixed in Volatile Trading

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Bitcoin is at a new all-time high today, although the momentum of today’s move is far below from what we saw recently, and the coin only managed to reach a marginal record high yet again. BTC is now worth $300 billion, and it is still trading right at the short-term trendline, inside a rising wedge pattern that shows a clear momentum divergence.

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With the short-term trend still being intact further gains are still possible, but as all the majors are overbought from a long-term perspective, we still advise investors to wait for a better buying opportunity before adding to their holdings. Primary support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

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 XRP entered a volatile short-term correction after its two-day surge after giving a short-term sell signal yesterday, and the coin spiked back towards $0.60 before settling down just below yesterday’s highs. The long-term setup also turned overbought thanks to the almost 300% rally, and now investors should reduce their holdings, even as further gains are still possible. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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Analysis

Cryptocurrency Analysis: Ripple Continues Rampage as Litecoin and Ethereum Enter Correction

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Ripple remained in the center of attention in the segment after breaking out to a new all-time high yesterday, and the coin almost doubled in value, climbing above the $0.80 level. The currency concluded a 6-month long consolidation pattern with the move after being the only major on a long-term buy signal in our trend model.

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XRP gave a short-term sell signal today, while turning neutral regarding the long-term setup. Investors now shouldn’t add to their positions, although further gains are still possible, and reducing holdings somewhat is a good idea here. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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While Bitcoin stagnated, and Bitcoin Cash jumped, Ethereum, Litecoin, Dash, and IOTA has been drifting slightly lower, although the recent gains are still mostly intact, and the basic setup in the segment is unchanged.

Litecoin fell below the $300 level after yesterday’s consolidation, and the coin faced strong selling pressure in the latter half of the session. The currency remains extremely stretched regarding the long-term momentum indicators, and although the short-term uptrend is still intact, a deeper correction is likely in the coming weeks, with key support levels found at $125 and $100, and weaker levels at $260 and $170.

LTC/USD, 4-Hour Chart Analysis

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